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Quiz Set 2 with answers.pdf - AA102 Accounting II Semester...

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AA102 Accounting II Semester 1, 2008-09Mid-Semester Quiz:Session 2Instructions:Please follow the instructions given by the Invigilators.This quiz paper contains 20 questions and comprises 6 pages.Answer all questions. For each question, you are required to select the bestavailable answer and shade its representing alphabet on the answer sheet provided.Each correct answer will be awarded 1 mark.Time allowed: 1 hour_________________________________________________________1.Which of the following is false about direct costs?A.Direct cost includes variable cost only.B.Direct cost includes fixed cost only.C.Direct cost includes production cost only.D.Direct cost includes non-production costs only.E.all of the above.*
2.If the volume of production increases, the cost per unit would be expected to
3.Newton Company recently had a fire in its accounting office, destroying most ofits records. Only the following information could be salvaged for 20x8:Direct labor$ 400,000Factory overhead$ 200,000Cost of goods sold$ 800,000Work in process, January 1$80,000Finished goods, January 1$ 160,000Work in process, December 31$ 100,000Finished goods, December 31$ 120,000The cost of direct materials used in production during 20x8 is
Session 2Page 1 of 6
4.Which of the following would not be classified as a product cost?
5.Which is the correct entry to account for manufacturing overhead under normalcosting system?A.Debit WIP inventory account with actual manufacturing overhead.B.Debit manufacturing overhead account with applied manufacturingoverhead.C.Credit manufacturing overhead account with actual manufacturing overhead.D.Debit WIP inventory account with applied manufacturing overhead.*E.Credit WIP inventory account with actual manufacturing overhead.
Session 2Page 2 of 6

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